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Mnemosyne Pharmaceuticals Inc. has landed $5.4 million in a Series A funding round, led by Access BridgeGap Ventures of Cambridge, with participation from Slater Technology Fund, the official Rhode Island tech investing arm.
Providence-based Mnemosyne said in a release that it will use the new funds in support of its drug discovery programs, including the identification of “lead product candidates for treatment of schizophrenia and other neuropsychiatric disorders.” Kollol Pal, president and CEO of Mnemosyne, said in a statement that the new funds will actually allow the company to speed up it discovery programs “considerably.”
Founded in 2010 by researchers with a deep background in N-Methyl-D-Aspartate (NMDA) receptor pharmacology and drug discovery for neuropsychiatric disorders, the startup previously took in seed funding from Slater and unnamed private investors, the release noted. The company is looking to develop drugs targeting learning and memory disorders, as well as schizophrenia and other neuropsychiatric disorders.
Mnemosyne was profiled as a Mass High Tech “Startup Watch: Five you should follow” company December.
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